Credit Suisse: Ballooning Tax Rate Mars Otherwise Solid Results
Narrow-moat, Best Idea Credit Suisse reported 2018 profit before tax of CHF 3.4 billion, nearly double the CHF 1.8 billion it reported for the previous year. Profit before tax was ahead of consensus expectations of CHF 3.2 billion and only slightly below our CHF 3.5 billion estimate, however, due to a sharply higher effective tax rate, net profit of CHF 2 billion was substantially below our estimate of CHF 2.4 billion. Mainly in order to reflect what seems to be a structurally higher tax rate, w...
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